Merrick Bank: 2023 Banking Review

This online bank's certificates of deposit boast competitive APYs -- but its list of banking offerings ends there.

Merrick Bank is an attractive option if you want to open a certificate of deposit and can meet the bank's steep $25,000 minimum balance requirement. Right now, this bank's CDs offer some of the best APYs on the market.

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Merrick Bank

But if you're searching for any other type of traditional banking service, look elsewhere. This bank doesn't currently offer savings or checking accounts.


What we like

  • Competitive CD rates: Merrick Bank has some of the highest CD APYs available.
  • Wide range of CD terms: You can choose from a large selection of CD terms, ranging from three to 60 months.

What we don't like

  • Large minimum deposit requirement: You'll need at least $25,000 to invest in a CD.
  • No other banking products available: Aside from CDs, Merrick Bank does not offer other traditional banking services like checking and savings accounts.

Who is Merrick Bank suited for?

Merrick Bank is a good choice for anyone who wants to grow their money by investing in a CD, and wants to choose from a wide range of CD options. But the list ends there -- if you're looking to open a checking or savings account, you'll need to find another bank.

Merrick Bank's CD account review

Merrick Bank offers CDs with terms from three months to 60 months, and all of the bank's CDs offer some of the best yields in the marketplace. You will need to deposit a minimum of $25,000 to get started though -- a steep requirement when compared to other banks. Early withdrawal fees also range from 90 to 270 days of interest, depending on your CD term.

CD account features

CD term APY
3-month 3.00%
6-month 4.35%
9-month 4.00%
12-month 4.55%
18-month 4.55%
24-month 4.40%
36-month 4.15%
48-month 4.05%
60-month 4.00%

*APY as of January 17, 2023

What we like

  • Some of the best rates available
  • Wide range of terms
  • Monthly interest payouts available

What we don't like

  • Large minimum balance requirement
  • Limited customer service hours
  • Only standard CD options
  • No other banking products

The experience at Merrick Bank

Since you can't open a checking or savings account at Merrick Bank, you'll need to fund your CD by linking an outside financial account. Once you open a CD, you likely won't need to contact customer service until you receive a notice about your maturity date. At that point, you'll have a 10-day grace period to withdraw all your money or renew your CD for another term. 

Note: Merrick Bank has received a large number of complaints from past customers, according to the Better Business Bureau. However, the majority of these complaints are due to the bank's primary line of business – credit cards

Early withdrawal penalties

Here's a rundown of early withdrawal penalties at Merrick Bank:

  • CD terms that are 364 days or less: Early withdrawal penalty is 90 days of interest.
  • CDs terms that range between 365 days and 1,459 days: Early withdrawal penalty is 180 days of interest.
  • CDs terms that are 1,460 days (four years) or longer: Early withdrawal penalty is 270 days of interest.

How to contact Merrick Bank's customer service

Merrick Bank's customer service team can be reached by phone or email Monday through Friday, 8 a.m. CT to 6 p.m. CT at 866-638-6851 and deposits@merrickbank.com. There is only one physical branch location in South Jordan, Utah.

About Merrick Bank

Merrick Bank is one of the 20 largest credit card issuers in the United States. Founded in 1997 and headquartered in Utah, the company focuses on helping individuals with credit issues rebuild their credit profiles. When it comes to other banking services, Merrick only offers one product: certificates of deposit.